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The balance in Cari's savings account is currently $45,000. Initially, Cari opened the account by depositing $14,000 at 6.25% interest per year, compounded continuously. She made no other deposits into the account after her original deposit. How many years (to two decimal places) has it been since Cari opened the savings account? a) b) c) d) 20.76 years 16.66 years 18.68 years 19.26 years

The balance in Cari's savings account is currently $45,000. Initially, Cari opened the account by depositing $14,000 at 6.25% interest per year, compounded continuously. She made no other deposits into the account after her original deposit. How many years (to two decimal places) has it been since Cari opened the savings account? a) b) c) d) 20.76 years 16.66 years 18.68 years 19.26 years

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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The balance in Cari's savings account is currently $45,000. Initially, Cari opened the account by depositing $14,000 at 6.25% interest per year, compounded continuously. She made no other deposits into the account after her original deposit. How many years (to two decimal places) has it been since Cari opened the savings account? a) b) c) d) 20.76 years 16.66 years 18.68 years 19.26 years
Transcribed Image Text:The balance in Cari's savings account is currently $45,000. Initially, Cari opened the account by depositing $14,000 at 6.25% interest per year, compounded continuously. She made no other deposits into the account after her original deposit. How many years (to two decimal places) has it been since Cari opened the savings account? a) b) c) d) 20.76 years 16.66 years 18.68 years 19.26 years
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